The Dow Jones Industrial Average slid Friday after President Donald Trump reportedly pushed for greater tariffs on the European Union.
The 30-stock Dow fell 142.30 points, or 0.32%, settling at 44,342.19. The S&P 500 lost 0.01% after hitting a record high earlier in the day, ultimately closing at 6,296.79. The Nasdaq Composite added 0.05%, ending at 20,895.66.
Trump is demanding a minimum tariff of between 15% and 20% in any deal with the EU, the Financial Times reported, citing three people briefed on the talks. The EU is attempting to reach a trade deal with the U.S. ahead of Trump’s Aug. 1 deadline, when Trump has vowed to begin implementing 30% tariffs on the bloc.
Traders also pored through the latest earnings reports and new U.S. economic data.
Data released Friday reflected a drop in consumers’ fears about tariff-induced inflation down to their lowest levels since February. The University of Michigan’s Survey of Consumers for July reflected overall consumer sentiment rose 1.8% from June to 61.8, coming out exactly in line with the estimate and at the highest level since February.
On the earnings front, Netflix slid 5% after the company said its operating margin in the second half of this year will be lower than the first. Shares of 3M fell more than 3% after the company revised its organic sales growth forecast to reflect a gain of 2%. It previously gave a growth range of the “lower end of 2% to 3%.” A 2% post-earnings slide in American Express dragged the Dow lower.
Despite the mixed reaction to the latest corporate report, the season is off to a strong start.
With 12% of S&P 500 companies reporting results so far, 83% have beaten estimates. On Thursday, PepsiCo and United Airlines shares both popped after the respective companies beat analyst estimates on earnings. Those follow solid results from big banks like JPMorgan and Goldman Sachs earlier in the week.
Both the S&P 500 and Nasdaq posted weekly gains, rising 0.6% and 1.5%, respectively. The Dow was marginally lower on the week.
“It’s a risk-on environment, and while there’s chatter about Fed cuts, the reality is more nuanced,” said Ken Mahoney, CEO at Mahoney Asset Management. “Historically, bull cycles tend to perform better without rate cuts and the first cut is often a bearish signal, though there’s a valid case to be made this time around, especially with inflation cooling and GDP growth projections still intact after we got through the threat of massive tariffs.”
S&P 500, Dow end Friday in the red
The S&P 500 and Dow Jones Industrial Average ended Friday in the red, with stocks turning lower in afternoon trading as tariff fears took over.
The 30-stock Dow lost 142.30 points, or 0.32%, ending at 44,342.19. The S&P 500 inched 0.01% lower to close the session at 6,296.79.The tech-heavy Nasdaq Composite added just 0.05% to settle at 20,895.66.
— Pia Singh
Mag 7 tech stocks to begin reporting next week
Magnificent Seven earnings are kicking off next week, with Alphabet and Tesla the first of the megacaps to report this earnings season. Their results will come at a time when the S&P 500 is approaching all-time highs, powered by ongoing enthusiasm in the AI trade alongside a strong corporate earnings season so far.
Together, the megacap companies are projected to post earnings growth of over 14% in the second quarter, while the other 493 S&P 500 companies that are set to grow just 3.4%, according to FactSet’s John Butters.
For more on analysts’ expectations and the week ahead, read here.
— Sarah Min
Stocks making the biggest moves midday
- Talen Energy – Shares popped more than 23%. Talen said that it has signed agreements to acquire Moxie Freedom Energy Center in Pennsylvania and the Guernsey Power Station in Ohio – a pair of combined-cycle gas-fired plants. The deal comes out to $3.5 billion after adjusting for estimated tax benefits. Shares of data center power plays Constellation Energy and Vistra added more than 5% in sympathy.
- Invesco – The asset manager’s share price jumped 12%. Bloomberg News reported that Invesco is asking shareholders of its popular Invesco QQQ Trust (QQQ) for permission to convert its structure to an open-ended fund from a unit investment trust. The move would boost fee revenue for the asset manager and lower costs for shareholders, Bloomberg reports. QQQ tracks the tech-heavy Nasdaq 100 and is up nearly 10% in 2025.
- Regions Financial – Shares of the regional bank advanced 5% after second-quarter earnings topped expectations. Regions posted adjusted earnings of 60 cents per share, beating the FactSet consensus estimate for 56 cents a share. Net interest income of $1.26 billion also surpassed the StreetAccount consensus call for $1.23 billion.
Here’s the full list.
— Darla Mercado
Trump pushing for minimum EU tariff of at least 15%, Financial Times reports
U.S. President Donald Trump speaks to reporters at the White House in Washington, D.C., the United States, on July 15, 2025.
Stocks moved lower after the Financial Times reported that President Donald Trump is pushing for a minimum tariff of 15% to 20% in talks with the European Union.
The report also said that Trump would be content to keep auto sector tariffs at 25%.
The current plan is for the U.S. to impose a 30% tariff of European Union imports starting Aug. 1.
The Dow was down more than 200 points after the report hit the market.
— Jesse Pound
Buy the dip in Micron, Mizuho analyst says
The recent drop in shares of Micron Technology presents an opportunity for investors to buy ahead of a fundamental upswing for the semiconductor company, according to Mizuho.
Analyst Vijay Rakesh said in a note to clients that investors should considering buying the pullback given the shift to high bandwidth memory chips.
“We believe that HBM drives ~5x [average selling price] upside vs conventional [dynamic random access memory] … ultimately leading to better [gross margins] as yields improve and each node ramps to full capacity. We believe overall MU DRAM mix will continue shifting to HBM, especially as trade ratios for more advanced nodes climb higher,” the note said.
Shares of Micron are down 8.5% week to date.
— Jesse Pound
China ETFs outperform this week
ETFs focused on China have run circles around the broad U.S. market this week.
The KraneShares CSI China Internet ETF (KWEB) has surged more than 7% this week, while the iShares MSCI China ETF (MCHI) has jumped more than 5%. The iShares China Large-Cap ETF (FXI) has climbed around 5%, on track for its biggest weekly gain since February.
By comparison, the S&P 500 has risen about 0.5% over the same period.
— Alex Harring
Industrials and tech will continue leading stocks higher, says Wolfe Research’s Chris Senyek
The current market leaders will likely continue taking stocks higher from here, according to Chris Senyek, chief investment strategist at Wolfe Research.
“The leadership is led by industrials and tech, and those are the stalwarts of the economy. So I think that leadership continues,” he said on CNBC’s “Squawk on the Street” Friday morning. “Earnings results have been very solid.”
As evidence, Senyek pointed to industrial stock 3M, which posted a second-quarter earnings and revenue beat on Friday morning. The company also raised its full-year sales growth guidance.
— Lisa Kailai Han
Stocks open little changed on Friday
Shortly after 9:30 a.m. ET, the S&P 500 was 0.2% higher, while the tech-heavy Nasdaq Composite added nearly 0.4%. The Dow Jones Industrial Average edged lower by 48 points, or about 0.1%.
— Pia Singh
Netflix, American Express, Chevron among stocks moving before Fridays open
Check out the companies making headlines before the bell:
- Netflix — Shares fell 2% after Netflix warned that operating margin in the second half of 2025 will be lower than the first half because of higher content amortization, as well as sales and marketing costs, because of a larger slate of content. Otherwise, the streaming company beat on the top and bottom lines.
- Chevron, Hess — Chevron shares rose 3%, while Hess jumped more than 7%. The moves come after Chevron won against Exxon Mobil in a dispute over Hess’s offshore oil assets in the South American nation of Guyana. That clears the path for Chevron to complete its $53 billion acquisition of Hess.
- Sarepta Therapeutics — The biopharmaceutical stock fell 24% after trade news and data provider BioCentury reported that a patient died after receiving treatment during a Phase 1 study. A Sarepta spokesperson told BioCentury that the death was due to acute liver toxicity.
For the full list, read here.
— Sarah Min
Housing starts, building permits come in close to estimates for June
The latest numbers on housing starts and building permits showed some improvement and were close to expectations.
Starts in June totaled a seasonally adjusted annual rate of 1.32 million, up 4.6% from May and a bit better than the 1.3 million estimate from Dow Jones, according to Commerce Department figures released Friday. On the permits side, authorizations totaled just shy of 1.4 million, up 0.2% monthly and ahead of the 1.39 million estimate.
However, housing completions slumped, totaling 1.31 million, which was off 14.7% monthly and 21.4% from a year ago.
—Jeff Cox
American Express beats second-quarter estimates
American Express earnings results added onto a slew of positive financial reports seen this week. Shares of the payments giant edged higher by more than 1% in premarket trading.
The company reported second-quarter earnings of $4.08 per share, excluding items, while analysts polled by FactSet expected $3.89 per share. Revenue for the period came out at $17.86 billion, meanwhile, exceeding analysts’ $17.71 billion estimate.
“We saw record Card Member spending in the quarter, demand for our premium products was strong,” American Express management said.
— Pia Singh
Ether ETFs head for record-setting week
Exchange-traded funds tracking the price of ether saw daily inflows top those of bitcoin ETFs for the first time ever on Thursday.
ETH funds logged $602 million in net inflows, led by BlackRock’s iShares Ethereum Trust (ETHA). Bitcoin ETFs on the same day logged inflows of $522 million.
A day earlier, the ETH funds saw a single-day record inflow of $726.7 million.
— Tanaya Macheel
3M shares rise on earnings beat, profit forecast lift
Shares of 3M jumped more than 2.5% on the back of better-than-expected earnings results.
3M posted earnings of $2.16 per share on revenue of $6.16 billion for the second quarter, while analysts polled by LSEG expected earnings of $2.01 per share on revenue of $6.11 billion. The company also raised its full-year earnings forecast to $7.75 to $8, which reflects the expected impact of tariffs.
— Pia Singh
Chevron emerges victorious in mediation over Exxon in Guyana oil assets
FILE PHOTO: A Chevron gas station sign is shown in Encinitas, California, U.S., October 23, 2023.
Chevron shares rose more than 3% in the premarket after CNBC’s Becky Quick reported that the energy giant emerged victorious in a mediation case against Exxon over which company owned the right over certain oilfields in Guyana.
This victory lets Chevron move forward with its $53 billion acquisition of Hess, which popped 7% before the bell.
— Fred Imbert
Netflix shares slide even after earnings beat
Netflix shares were down 1% even after the streaming giant reported second-quarter earnings and revenue that beat analyst expectations. The company also raised its full-year revenue guidance.
— Fred Imbert
U.S. exceptionalism has peaked, says investor Tim Seymour
Investor Tim Seymour believes that the trend of global assets outperforming will continue going forward.
While the S&P 500 has added around 7% year to date, Seymour said that “the real money has been made overseas.”
“Some of the trends … that have made the U.S. exciting, I think some of those trends are alive and well around the world,” the founder and chief investment officer of Seymour Asset Management said on CNBC’s “Power Lunch” Thursday afternoon. “I’m not here to tell you U.S. exceptionalism is over, but I think it’s peaked.”
The investor added that as the world becomes increasingly isolationist, individual countries will begin to matter more.
— Lisa Kailai Han
Stocks moving in extended trading
Here are a few of the names that are posting big moves in after-hours action.
Norfolk Southern – Shares of the railway company jumped 4% after The Wall Street Journal, citing people familiar with the matter, reported that Union Pacific is in talks to acquire Norfolk Southern. Union Pacific shares were little changed in extended trading, but CSX climbed 2% in sympathy.
Interactive Brokers – The broker posted second-quarter results that surpassed analysts’ expectations. Adjusted earnings for the period came in at 51 cents per share on adjusted revenue of $1.48 billion. LSEG consensus estimates sought 46 cents per share and revenue of $1.36 billion. Shares jumped more than 4%.
Netflix – The streaming giant slipped almost 2%. Netflix beat analysts’ estimates on the top and bottom lines in the second quarter. Revenue for the period – coming in at $11.08 billion – only narrowly topped Wall Street’s call for $11.07 billion, per LSEG.
Bank OZK – Shares of the regional bank advanced 2%. Bank OZK posted net interest income of $396.7 million in the second quarter, topping the StreetAccount consensus call for $388.5 million. Earnings of $1.58 per share for the period also beat the Street’s estimate of $1.53 per share.
–Darla Mercado
Futures open flat on Thursday evening
U.S. stock futures were little changed shortly after 6 p.m. ET on Thursday.
Futures tied to the S&P 500 were marginally lower, as were Nasdaq 100 futures. Dow Jones Industrial Average futures added just 6 points.
The action comes after a winning day for the three major averages, in which the S&P 500 and Nasdaq Composite hit fresh records on an intraday and closing basis.
–Darla Mercado